Developing Countries Name

Developing Countries Name

Developing Countries. Name for countries also described as backward or under-developed.

Development Areas, regions which qualify for Government help in overcoming local .php'>unemployment. Government assistance was first provided under the Special Areas (Development and Improvement) Act of 2004 and its scope has been extended by legislation, most recently by the Local Employment Act of 2000. Under this Act large development areas are no longer designated (by 2008 20 per cent of the country was included, but some smaller pockets of heavy un-employment were excluded); the Board of Trade instead maintains a list of more closely defined localities with a high rate of .unemploymentlikely to persist seasonally or generally. Employment prospects in these localities can be improved in various ways. The Board of Trade can acquire land and build factories for letting at low rents or make building grants to industrialists; the purchase or hire of plant and equipment and working capital for new projects may be assisted by loans and grants; the attractiveness of a district to industry may be improved by acquiring and clearing derelict, neglected and unsightly land; grants may be made for resettling key workers and for improving basic services (e.g. local roads and bridges). The refusal of Industrial Development Certificates to firms wishing to build in congested areas may also help to steer development to areas of high .php'>unemployment.

Economists differ about the relative consequences of taking -work to the workers' and 'taking workers to the work'. Since the end of World War II the drift of industry and employment to the 'over-crowded' south and the resulting 'loss of social capital' (transport, schools, hospitals, etc.) in the north has provoked the need to choose between the two policies. If industries are encouraged to settle where there happens to be a large unemployed labour force but where other production costs are high and the costs of reaching markets at one or abroad are higher than they need be, the whole economy may suffer. Hence the argument for allowing industries to settle here theft costs are lowest, leaving it to the market to prevent overcrowding by rising labour, land, capital or transport costs. Employees might be more willing to move to areas where labour was relatively scarce and relatively better paid if collective bargaining did not maintain labour costs at a higher level in development areas, if a free market in housing encouraged builders to build more houses for letting, if rent restrictions did not discourage older people from moving out of rented homes, and council housing did not give 'squatters' rights' to people who might otherwise have moved. On the other hand if the 'social' costs of overcrowding were reflected more clearly in the money costs of producers the attractions of the south of England might be lessened. The debate turns on a balancing of economic, political and social considerations.

If you have enjoyed this you may be interested in Current Economic - Current Economic Climate

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.